AI-extracted from the 10-Q filed 2026-10-21 — Q3 FY2026 (quarter ended September 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Elevance Q3 2026 total revenues rose 1.4% to $51.4B and shareholders' net income grew 14.8% to $1.37B, though Health Benefits operating gain fell 27.5% on higher medical costs.
Biggest Revenue Drivers
Premiums$41.7B-0.2% YoY
Premium rate increases in Health Benefits in recognition of medical cost trends, offset by lower Medicare Advantage, Medicaid and Employer Group Risk-Based membership.
Product revenue$6.5B+4.8% YoY
Higher average revenue per prescription in CarelonRx, partially offset by a negative change in product mix and lower prescription volumes.
Biggest Revenue Drivers
Total revenue: $51.4B+1.4% YoY
Premiums$41.7B-0.2% YoY
Premium rate increases in Health Benefits in recognition of medical cost trends, offset by lower Medicare Advantage, Medicaid and Employer Group Risk-Based membership.
Product revenue$6.5B+4.8% YoY
Higher average revenue per prescription in CarelonRx, partially offset by a negative change in product mix and lower prescription volumes.
Service fees$2.3B+6.8% YoY
Growth in fee-based administrative business, including Employer Group Fee-Based membership increases.
Net investment income$1.0B+65.9% YoY
Higher income from alternative investments.
Largest Expense Items
Benefit expense$37.8B-0.9% YoY
Decreased Carelon Services benefit expense from partial termination of a care delivery contract, partially offset by higher medical costs across most Health Benefits lines.
Operating expense$5.8B+9.1% YoY
Targeted investments to accelerate technology adoption, higher premium tax expenses and assessments, and expenses to address regulatory matters.
Cost of products sold$5.6B+4.8% YoY
Higher cost per prescription reflecting pricing impacts and product mix, despite lower adjusted prescription volumes.
Margins: Benefit expense ratio improved to 90.6% from 91.3%, driven by Medicare performance, while operating expense ratio rose to 11.4% from 10.5%. Health Benefits operating margin fell to 1.0% from 1.4%.
Watch Items from the Filing
CMS Medicare Advantage risk adjustment matter: CMS closed enforcement in July 2026, but $593M accrual remains and reasonably possible loss could differ by up to $320M either way.
Blue Cross Blue Shield antitrust follow-on cases remain pending, including VHS provider case with trial scheduled for March 2027.
DOJ False Claims Act suit over Medicare Part C risk adjustment data remains in discovery with fact discovery closing November 20, 2026.
Independent Dispute Resolution liabilities of $669M recorded, with an additional $324M of potential liabilities under pending IDR matters not yet accrued.
Medicaid medical cost trends remain elevated due to higher population acuity and utilization, with Medicaid membership down 4.9% year over year.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
DeVore Susan D.DirectorGrant or award · May 13, 2026
Hay Lewis IIIDirectorGrant or award · May 13, 2026
Congress trading in ELV
35 transactions in ELV reported by 13 members of Congress under the STOCK Act, most recent trade Dec 29, 2025. Reported transactions, not recommendations.
About Elevance Health, Inc. (ELV): stock profile, AI score and financials
Elevance Health, Inc. (ELV) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores ELV at 59.1/100 on a composite quality score built from its SEC filings, placing it at rank #951 of 2,925 stocks — the top half of the AI-ranked universe. ELV scores in the top quartile across revenue scale (99.3), earnings quality (83.2). Areas of concern include free cash flow (36.8) and profitability (37.3), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q3 2026), Elevance Health, Inc. reports quarterly revenue of $51.4B, net income of $1.4B, an operating margin of 2.5%. Top institutional holders of ELV by reported 13-F value include BlackRock, VANGUARD CAPITAL MANAGEMENT, STATE STREET, based on the most recent SEC filings. ELV trades on the NYSE exchange and files with the SEC under CIK 1156039. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ELV daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Elevance Health, Inc. directly from SEC EDGAR.